Tyrant Enterprises, Inc

question 36

Essay

Tyrant Enterprises, Inc. uses a standard cost system when accounting for its sole product. Manufacturing overhead is applied to production on the basis of process hours. Planned activity is 60,000 process hours per month, which gives rise to the following per-unit standards:
Variable overhead: 13 hours at $15 per hour
Fixed overhead: 13 hours at $7 per hour
During September, 5,100 units were produced and the company incurred the following overhead costs: variable, $942,500; fixed, $429,000. Actual process hours totaled 65,000.
Required:
A. Calculate the spending and efficiency variances for variable overhead.
B. Calculate the budget and volume variances for fixed overhead.

Learn how social identity is formed through comparison and categorization.

Recognize the beginning of the perceptual process and the role of stereotyping.

Understand the effects of attribution, fundamental attribution error, and self-fulfilling prophecy on social perception.

Understand the principles of creating an attractive and readable paper resumé.

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Definitions:

Contra-Liability Account

An account that decreases the balance of a related liability account, representing a credit balance in the liability section of the balance sheet.

Continuing Operations

The segments or activities of a business that are expected to continue for the foreseeable future, excluding discontinued operations.

Asset Retirement Obligations

Legal obligations associated with the retirement of a tangible, long-lived asset that result from its acquisition, construction, development, or normal operations.